• Step 1 Make sure to know the state of your finances before contacting your lender about a Home Loan Modification. Determine how much income you’re bringing in each month, how much you’re paying in bills and where you can cut costs. Ask a nonprofit counseling service to help you put together this financial analysis for free. The counselor will also help to negotiate with your lender for the right Loan Modification.
• Step 2 Next, contact your lender and have an idea what you need in a Home Loan Modification. Tell them what your situation is and what you can offer to help your situation.
• Step 3 : Come up with some kind of an answer to the lender’s question of how you propose to pay off the loan eventually. You’re better off submitting an initial proposal. At least you’ve opened the door in the negotiation. The Obama Loan Modification plan is designed for these circumstances.
• Step 4 : If you think that your financial strain won’t last long, ask the lender for forbearance, or postponement of payments, for a couple of months. Under the Obama Loan Modification program, changes can be made pretty fast
• Step 5 : If you have an adjustable rate mortgage that reset and you cannot meet the higher monthly payments, request a loan modification from the lender. They will request a complete financial story from you, detailing your income and monthly expenses. Ideally, you should have some cushion in your income to justify a loan modification, if they switched your mortgage to a fixed-rate mortgage. Show them that you can comfortably pay a fixed rate mortgage through extra income from a second job, and you are more likely to get a loan modification.

Apply now for Obama’s Loan Modification Program and get best assistance